saudi arabia is the world's biggest oil producer by twenty twenty and will become the top gas producer even sooner thanks to development of the shale gas technology let's not cross over to the business desk where. following this story for us all right good to see that so it looks like the table is indeed off not just for the u.s. economy will for the global economy looks like the u.s. are going to benefit very much from this shale and gas development absolutely and so of course benefiting all of ready but not everybody is going to benefit in fact we talked to richard jones from the international energy agency the author of this report and he said that some of the shelf gas projects may be put on hold because the development of shale gas makes them good on the clean and viable let's listen to what he had said. i don't know that that will be the area that will be exploited first especially if the technologies that are being developed to exploit the light

type oil resources in the united states are continue to be successful and start to spread to other countries that may be a cheaper alternative that may delay the exploitation of the arctic resources. but you know if people can can exploit a resource economically i think they will look at their investment opportunities and see where it stacks up and i wouldn't i wouldn't be at all surprised if we don't see some investment getting started but i don't think it'll it'll happen overnight so only with the u.s. becoming basically self-sufficient when it comes to gas supplies maybe becoming even and exports later on now gas from has long been saying it wanted to ship liquefied natural gas over to the united states was already a questionable idea now it seems it's totally off the table. well it's a looks like it could be off the table the united states could in fact produce as

much as half over its gas supplies from shale gas by two thousand and twenty that's in just seven years from now and of course going forward the u.s. can in fact become one of the major l.n.g. exploiters instead of being an importer as it was previously planned but of course and that has major implications for traditional natural gas producing countries alike russia think about it it's really a major shift because in the previous years we had some energy superpowers like russia qatar and algeria really dominating the market and now countries all over the world from ukraine to israel to mexico really waking up to their own potential when it comes to exploring shale gas and trying to do it and using it at least domestically and course as far as shale gas being the next best thing

was brad while i don't know about because it does have a lot of under reported war backs including the fact that it's actually quite costly and of course it has very shady and environmental practices both since you've been saying and so many countries right now are considering developing shale gas apparently not to be dependent on imports of oil and gas apparently that has to be cheaper than conventional gas i mean is it well what we see in the united states is that it actually is not that cheap and the reason is is because it actually requires this process called hydraulic fracturing and it's quite costly at least for the time being and at the moment it requires some financial subsidies or tang's brakes or other incentives to really make financial sense the average cost of extracting. shale gas with the existing technologies is around two hundred dollars

a barrel in the world equivalent at the moment the market itself for shale gas is around twenty seven billion u.s. dollars compared to two point seven trillion dollars for the traditional oil and gas market a major difference and you can see there there was speaking of actually the year it can logical facts as you've been mentioning i mean the obama administration has long been pushing for shale gas because they say it helps reduce greenhouse gas emissions but then again this whole hydraulic fracturing it doesn't sound really logically safe does it absolutely and that's the very reason why there's been such a huge grassroots opposition movement precisely because some reports actually show that shale gas extraction leaves to a higher greenhouse gas emission than traditional natural gas and because of that hydraulic fracturing process that i mentioned that uses

a major amount of chemicals it also has a potential of contaminating water and because it uses billions and bit some millions and sometimes billions of gallons of water it also has the potential of contaminating soil and people who live near these shale gas wells complain of their faucet water having a foul smell and some reports in fact even said that it contained heavy metals so definitely others and there's also been a study that linked shale gas extraction to the increase of earthquakes of magnitude of three in greer and greater in the united states in fact there's been a six fold increase in these types of earthquakes compared to the twentieth century average sounds very very worrying doesn't that mean also we've we've had. we've had information that the next biggest the deposit of shale oil and gas are located in

china but china and china they're very populous areas are apparently that could be out of the question too because either you have to evacuate all the people from these areas to to develop oil and gas probably what does this all mean for russia which is one of the top conventional gas producers at the moment what does this all mean for gas problem will it suffer from this development well at first glance it certainly does look like gallons from the future is less certain than it was say a decade ago but if you look deeper into the issue what you'll actually see is that gas demand going forward is going to be quite strong and in fact that's confirmed by the international energy agency's report that says that. it will actually be increased by a third by the year twenty thirty five with countries like china india and the middle east is really driving that growing demand and compensating for

a slowing demand in the developed countries so perhaps they'll be room for everyone and gazprom is certainly set to benefit from that growth when it comes to china it house already sealed a number of agreements so it looks like it might just really direct its priorities and given the exports right now half of them account for europe and in europe all these projects so far put on hold and apparently it's not really under threat all right now thank you very much for that. it's really is seeking trial for current and former employees of two top ratings agencies paving the way for the first european court case over sovereign rating cuts prosecutors probe to five analysts from s. and p. and two from fitch for alleged market manipulation and abuse of privileged information now if the italian case goes to trial it may reshape the long running debate over liability of rating agencies for their credit opinions and earlier i discussed the issue with the sharks siddiqi market strategist at e.t.f.

capital and i started by asking him whether this lawsuit was justified. but it is just a word to a certain degree considering that we've had so many cases against rating agencies in the past few years i think it's time they're under some sort of scrutiny and this may just be the the one that i she was a dollars for for a change in the actual create a rating agency world at the moment it's dominated by three players and they have been under constantly under threat at the global economy at such a dire situation and position these credit rating agencies are very very slow off the mark to downgrade nations and she had some at some point caused market volatility which has so when you put those into consideration it is somewhat justified just about shows the global frustration with rating agencies indeed at this moment i mean we still can't forget the name of mae and freddie mac. they had aaa ratings before they fell do you think the hitting the boiling point if

you look at the all of the last six months they've been relatively easy for the market by reviewing by signaling in the reviews especially with spain for that reason market's been able to price in the the action before it's before the actual agency has taken action for that reason we don't see a massive selloff following a downgrade so that's tempered the issue somewhat have it is it is getting to a point where i think if you especially in europe at this moment very worried about how these reading rating agencies come up with analysis and if it if they do influence the market to a point where it's somewhat unjustified and and we see a lot of valuations getting written down on the back of that and that's and then and now it's probably time to look at it indeed they were too slow to react during the cries of the quick right now that now there have been reports recently that several smaller rating agencies from the u.s. russia china included now they're pulling in to create a new independent global player to challenge the big three what do you think of

that at this point it seems like it looks like the doing this since the. pete with the three big guys out there right now if they can operate in the same fashion as those movies for its innocent people than you have to kind of question the purpose and why they want to challenge them in a way unless it's a think tank or in the print body maybe state run nonprofit organization and then perhaps you can you can see how another rating is this your aura or venture between a few could could could rival the big three at the moment but however i think it's still very premature at the moment and for now at least for the superfix future we're going to see the other the big three dominate the market all right let's take a look at what's happening on the markets this hour in the u.s. they're seeing a thin trading day as the bond markets are closed for veterans day limit thing again there's uncertainty whether the standoff in washington over the automatic spending cuts and tax hikes could be resolved before january now over in europe we've seen

a flat mixed picture at the close of years own officials met to discuss greece's long delayed tranche of aid from its international creditors some say receives another fourteen trillion euros meanwhile london is expected to lose its crown of the world's financial capital already this year british center for economics and business research says that's because of job cuts falling bonuses and growing competition from rival money hubs the agency says by twenty fifteen the explosion in jobs in hong kong will have the square mile into third place among international financial centers right after new now the euro is blatz to the dollar this greek back to playing there while the russian ruble managed to strengthen against the basket of currencies a bit and moscow's markets started the week in a positive light with brushes g.d.p. rising two point nine percent the third quarter of the years like the above expectations. i then a few minutes we discovered the key to business success with

a charismatic tycoon sir richard branson and back into a house down. wealthy british style. time. market why not. come to. find out what's really happening to the global economy with mike's concert for a no holds barred look at the global financial headlines tune in to kaiser report on our.

news today violence is once again flared up. these are the images the world has been seeing from the streets of canada. china corporations are the day. culture is that so much as i can which of course is why on a contemplative day of fiscal reckoning is almost upon us by the end of this year

the president of the united states thank congress must come to some kind of taxes. he will live in science technology innovation all the list of elements from around russia we've got this huge earth covered.

a. little under. surprise something you so much for joining me today now i'd like to saddam go back when you were fifteen years old you decided to leave school with one side a magazine and pretty much from took on the world that didn't exactly happen but you have managed to achieve a lot of things are you happy with the way the world is right now as a person while at the what the world is extremely good to me. and i've had the most. think of anybody anybody i know. and i'm still get

i spend quite a lot of my time now. issues like conflict resolution issues in the world. and. you know the world i mean if you live in syria today well there's not a happy place to toll. we have a wonderful organization called the elders that are trying to help. conflicts. like the break he's one of the elders. people rushing to try to get agreement as quickly as possible so that we can spare the. people of syria. i think if we can get russia or russia on board and america are on board we. the syrian government on board hopefully we can get to get that problem is how does it actually work while the elders are actually. in the twelve people that nelson

mandela set up. and they. have people like president. nelson mandela like. people with high bar of the authority they work as a as a as a group to try to result hold legs and then sometimes the individual elders i would like to be lost by the united nations. try to. work with the various help trees involved with syria to try to to try to get this problem result and. so since you asked about happy with the world obviously syria is a miserable place and it needs to be resolved it should be a top priority i think of every caring politician to get to get this problem resolved was about the time when you were editing the magazine and you started up a magazine trying to stop the war in vietnam from what i understand do you think journalism can actually change the world and the course of things that is happening oh i think journalists can certainly change the world the internet can change the

world i mean it was through the internet. through journalism in the public. the arab spring happen on twitter and google plus and facebook. if you have followers and you want to try to sort out a problem in the world and you get other friends who got it big influence to do the same you can sort these problems that you know i campaigned a lot for the oceans to try to stop people killing sharks in the oceans and you know we've got quite a lot of laws changed around the world thanks to. the internet. so yes i think journalism is that. the public work and it's a very important but journalism can go to extremes as well especially with what we're seeing happen with international where do you think in the u.k. journalism has had this responsible journalism in the u.k.

there's irresponsible journalism one or two newspapers that are very very sort of extreme in their thinking and i suspect we need. it but the good thing is that the internet is counterbalancing that i think we used to have a newspaper. called the daily mail it's ready of people in the i think a slightly negative way but i think they. the internet will hopefully stop saying that it now and what's your take on the western powers of today for example julian assange. hero or at the end. i would not call him a hero or a villain i think that the mistake he made was not editing he had an incredible intimation he could have made thousands of great stories without without putting that life some people some people around the world and i think perhaps he just went a bit too far generally all for one hundred percent freedom of the press but i think in that situation there were definitely we had it would take

a lot of dealings in zimbabwe trying to bring about democracy and then suddenly we saw what we were doing and tried to bring about democracy appear. sometimes you don't want to dictate. bad things find out. that other people are trying to bring about democracy you know you can put lives in danger now your brain that's mean much to their friends and their children's upbringing and if we talk about. right now in the u.k. do you think that have cause because we see in the riots take place in two thousand and eleven for our. life right now do you think their lack of motivation i think they. are not as politically minded. that they were when in the sixty's when. they should have they should have stopped the iraq war i mean

there were big demonstrations the said to be even bigger demonstrations. i think if anything the. vocal enough this generation i think that when politicians had to take take. the call to stop them doing it. was easy to start. to stop. politicians should be clever enough to get rid of leaders. without having. people in. i think the young people there are there are too many people are employed and i think personally that nobody should be allowed to be unemployed i think you can share the jobs that are available you can share them around with everybody which might mean that people have a three day weekend instead of a two day weekend. but there is room to make sure that everybody has

a job and i think that would result a lot of the problems of the world but of a general question now which is say you are a dreamer visionary or an entrepreneur all of that and much more than i dream big and then i try to make my dreams become reality. i dreamt of going to the mood one day and. in the end i could decided not to wait for the russian spaceship company will the american spaceship company we built you know we're building our own space ships to take us into space i think everybody should try to dream above what they're capable of and then try try to catch up with your dreams and now fortunately in particular and everything that happened recently. that i know you're fighting for it's. what's next.

it's also has a large section we think. is more the kind of people in moscow would want to use between london heathrow. and that flying. very small plane it's not such a good idea we think we think the civil aviation authority made the wrong decision but obviously the ideals. that you have three carriers flying to moscow i mean if. you have flying people into this country the better and they're paying a lot of rumors about you very often frequently everyone is trying to figure out where you think. the country or any other projects perhaps taking place is there anything less well i mean today we were going to be doing a lot in russia today we announced that. we were going to. put a lot and best

a lot of money in trying to reduce people's energy output. in a positive way that. you know russia's had all this oil and therefore they have a ready try to preserve energy and if you can preserve energy. then you can export more oil so. three hundred million dollars into russia or into trying to invest in companies that come up with good ways of saving energy but nothing in particular right now that you can mention. which we're going to start from today but we'll be looking at mobile phones we'll be looking at quite a lot of other investments as well last question very briefly. look if i get regretted anything i'd be a very sad person i've been i've just had the most. incredible. lots of adventures. created three other companies just had

a blast is surrounded by wonderful people. been married to the same lady. great children. their regrets. but you yourself have faced a number of times especially on your travels on the hot air balloons across the ocean what major to own for and over again i could imagine. so painful for your family is the amount of could find out. i always love a challenge. and if somebody says. nobody around the world in a balloon and. say well let's try. and i'm sure it wasn't easy. but now my children are doing it with. a new york a couple of months ago we. have together across the channel. so

my children i think understand why i like to live life to. that with my wife happy with the fact that your children are not only i think. i don't think she's. wildly happy but she certainly had children doing what they want to do and that's i think that's what. we try to take on that. we have wonderful exciting challenges but i try to make a hundred percent sure i bring the children have thank you thank you so much thank you. the.

would be soon which brightened if you move out son move from funds to impression in some. stunts on t.v. don't come.

brazas. the stairs. miss it's in. day care my daddy. a lot of. does a famous reuse benson play of his own my saved and does my mommy ransom business. resistance is not our politics but our culture.

is could. call itself. cultures of resistance on the march.